Economic Uncertainy Equals No More Mortgage
by Scott from Delaware, OH, USA
Economic Uncertainy Equals No More Mortgage See why this home owner prefers to forgo buying a house: Hi Kate, I currently own my home mortgage free. Before the economic crisis, my wife and I had been considering selling our home and upgrading to a larger and nicer home. This would have entailed obtaining a mortgage.
Due to the home sales across the country bottoming out, we decided against buying a house. We would have had to sell our home for less than it is worth and our mortgage interest would have been higher than we wanted to pay. They were also demanding 20% down in cash on the new home.
When the economy is as uncertain as it is, no one wants to take a loss on their house sale and end up with a mortgage. We will stay mortgage free for a long time to come I think. My wife does not work and I am the only income we have. If I were to lose my job, our house would be all we have. I am not willing to risk that during these economic times.
I would rather put of my "wants" to make sure that my "needs" are met. You just never know when your life is going to change for the worse, so this is just not the time to make big investments you may not be able to afford in the future.
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